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Egypt’s non-oil exports rise to $17.7bn in 7 months

Egypt’s non-oil exports

Egypt’s non-oil exports witnessed a rise from the beginning of the year until the end of last July by 22% to reach $17.7 billion.

The rise is $3 billion more than the same period last year which recorded $14.55 billion.

In a report issued on the performance indicators of non-oil foreign trade, the value of Egyptian imports increased during the same period at a slower pace.

The imports recorded an 11% increase to reach $42.4 billion, compared to $38.9 billion during the same period in 2020.

Egypt’s non-oil exports

According to data announced by the Egyptian Ministry of Trade and Industry, the value of the non-oil trade deficit reached $24.7 billion during the first seven months of 2021. This is compared to $24.35 billion in the comparable period.

Nevin Gamea, Minister of Trade and Industry, said in a statement Saturday that Egyptian exports increased by 4% during the month of July to reaching $2.59 billion, compared to $2.21 billion during July, 2020.

The minister pointed out that the most prominent destinations for Egyptian exports during the reporting period included the European Union with a value of $5.574 billion, the Arab countries with a value of $5.356 billion, African continent (excluding the Arab countries) at a value of $1.7 billion, and the United States with a value of $1.290 billion.

The report added that the top 10 exporting countries to the Egyptian market during the first seven months of this year included China with a value of $7.billion, and the United States of America with a value of $3.336 billion.

The list also includes Germany with a value of $2.441 billion, Turkey with $2.10 billion, Russia with $1.875 billion, and India with $1.623 billion.

Additionally, the list also includes the UAE with a value of $1.359 billion, Saudi Arabia with $1.216 billion, France with $1.17 billion, and Ukraine with $1.14 billion.

Egyptian remittances

In a separate context, remittances from Egyptians working abroad jumped to $2.6 billion in May. This is compared to $1.8 billion a year ago, according to the Central Bank of Egypt.

The Central Bank of Egypt also stated that remittances increased 13% in the first 11 months of the 2020-2021 fiscal year to $28.5 billion from $25.2 billion a year ago.

Also, data issued last June stated that the remittances of Egyptians working abroad amounted to about $205.3 billion, representing about 31.7% of Egypt’s total foreign exchange earnings over 10 years.

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